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After all the drama late last year, the investment case for GBST was never going to be about the first half. In the event, underlying earnings before interest tax, depreciation and amortisation (EBITDA) came in at $8.5m, towards the upper end of the lowered $7m–9m guidance. That’s what you’d expect for a target set more than half-way through the period.

As management explained in October, the reduced first-half profit stems from delays in some projects, which means the company didn’t get certain milestone payments. The big challenge now will be to see if the company can secure...

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